Residence Downsize Project Strategy

Residence Downsize

AD642: Project Management

Abstract

My boyfriend and I along with two small dogs currently live in a 3500 square foot home on an acre of land with a swimming pool and a three-car garage. The children are grown and moved into their own homes. We find that we are currently utilizing about half of the square footage in the home while the rest gathers dust. We spend an enormous amount of money each month to live in this home and maintain it. How much square footage does two adults and two small dogs need to live comfortably? The goal is to downsize our residence thereby allowing us to put more money into our IRA accounts.

Reasons for project

Most people have moved at least once in their lives, and moving in the best of situations is stressful. People have an emotional connection to the place where they hang their hat. I am not an exception to that premise. However, the children have grown up and moved away and we find ourselves in a very large home that we are not utilizing. The financial costs to stay in the home are substantial. With this in mind we have found a home with half the square footage that suitable for our lifestyle and is more financially sound for us at this juncture of our lives. The home will be available for us to move in on March 26, 2012. The process of moving is a stressful period in peoples lives and the object of this project is to reduce that stress. The project will take advantage of the opportunities and ensure that there are no omissions in the process.

Selection of the home carried both a strategic importance and financial return possibilities. This is reflected in Appendix 1. Strategic aspect consists of the location of the new home in our desired areas, the alignment of services required to ease the process and the physical action of the move. The financial aspect realization came to the forefront in examining our nest eggs and understanding that with the losses over the past years we are not where...